In a recent published report, Kenneth Research has updated the market report for Recycled Polyethylene Terephthalate Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Recycled Polyethylene Terephthalate Market products.
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The Recycled Polyethylene Terephthalate (rPET) market was valued at USD 6.23 billion by 2017, growing with 6.8% CAGR during the forecast period, 2018-2025. In terms of volumne, the global industry was valued 8,890.2 kilo Tons in 2017 and is projected to grow with 7.1% CAGR during the study period.
Recycled Polyethylene Terephthalate (rPET) is a highly recyclable product that is currently a part of the plastics category. The key highlight of the product is the fact that it can be recycled and leaves less of an impact on the environment as compared to the general non-recyclable plastic or single-use plastic. Inherent product characteristics include lightweight, recyclable, re-sealable and inexpensive. The highlight in terms of growth driver remains the dependency on plastic material for various types of packaging due to its ease and benefits. Plastic is durable and excellent in terms of strength, therefore, the dependency is not unfound.
The ban on non-recyclable plastic in various countries such as a few states in India makes improves the market share of recyclable plastic here. Based on an article in the Global Citizen website, each year approximately 8 million metric tons of plastic enters in the water bodies globally. However, in the long run, there could be a complete plastic ban, various environmental groups, country laws, and overall awareness may lead to a plastic ban. Plastic replacements such as wooden or paper material research will pose a threat to the rPET bottles market. Global Citizen Website suggests that over 15 countries globally have taken serious action against the menace of plastic consumption.
rPET encompasses two major product categories, clear and colored PET. With regards to the market revenue, clear rPET single-handedly dominates the market. Clear PET bottles are most commonly used in the food and non-food industry contributing to this growth.
With respect to the colored segment, it is observed that this material due to its high strength and durability are used in various food and non-food items. The benefit of this material is that it can withstand transportation and storage conditions over longs periods of time, therefore, reducing product damage costs as opposed to other material. With the food industry thriving and increased demand for processed packaged food, the need for rPET bottles will be significant.
Application wise the categories could be divided into fiber, Sheet & Film, Strapping, Food & Beverage, Non-food containers and bottles. Majority of this segment share is captured by the fiber market. This one dominates the rPET segment owing to high demand to its applications in segments such as mattresses, car seats, insulation products, and cushions.
Besides that, some of the other applications where it finds use is in automobiles, clothing and accessories, technology and furnishing sector. Followed by this, the fastest growing segment in the rPET bottles. In areas such as the Asia Pacific and Latin America growth in population automatically increases the demand on PET bottle production owing to its product characteristics.
The largest user of rPET bottles remains the Asia Pacific. The large population of this region is one of the major contributing factors for the growth of this segment. China and India are the fastest growing economies in the world, therefore this significantly improves the need for such material. Increased production capabilities will enhance the need for this specific material positively.
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In Latin America as well, increased demand for food and the non-food bottle is responsible for an increased revenue share region wise. An increase in disposable income, improvement in the FMCG market are all reasons this industry continues to thrive.
Key Vendor Takeaway
The major players within these categories include Placon, Libolon, Polyquest, Clear Path, Phoenix Technologies, Recycling Llc, Zhejiang Anshun Pettechs Fibre Co., Ltd, and Indorama Ventures Public Ltd. Phoenix Technologies in 2018 stated in Plastic news that if 50% use of rPET in bottles will significantly impact companies to meet the environmental needs.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY APPLICATION
Sheet and Film
Food & Beverage Containers and Bottles
Non-Food Containers and Bottles
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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